The new credit card for Costco is the Costco Anywhere Visa. It launched in June 2016 and is great for Costco members. The Anywhere Visa offers 2% cash back on all Costco purchases, in-store and online. It also gives 4% cash back on up to $7,000 spent per year on gas and 3% back on restaurant and travel purchases.
The Costco Anywhere Visa card has a $0 annual fee, but is only open to Costco members. Costco membership fees start at $60 per year and can be charged to the Costco card. The Anywhere Visa is issued by Citibank. It replaced the Costco TrueEarnings American Express in 2016 when Costco switched from only accepting American Express to only accepting Visa in all of its stores. The transition made Costco accessible to millions more customers because a lot more people have Visa cards than Amex cards.
The Costco credit card credit score requirement is 750 or above, as applicants need an excellent credit score to qualify. That’s the case for both the Costco Anywhere Visa® Card by Citi by Citi and the version for small business owners.
Having a high enough credit score doesn’t guarantee approval, of course. And it’s possible to get approved with a lower score. That’s because your ability to pay – income and assets compared to debts and liabilities – matters, too.… read full answer
Personal credit always is the key. Whether you’re interested in the Costco Anywhere Visa® Card by Citi or the Costco Anywhere Visa® Business Card by Citi, your personal credit standing will largely dictate your odds of approval. All business credit cards base approval decisions on applicants’ personal credit history because it tends to be longer and more predictive. They don’t ask for your Social Security number for nothing!
Income & assets are your friends. Income and assets speak to your ability to pay a new credit card’s bills. The more money and valuable items you have to your name, the less risky you’re generally considered to be. But these factors aren’t viewed in a vacuum. They’re compared to your existing debt obligations.
Existing debt counts against you. Lenders want to know they’ll get paid. And the more debt you have relative to your income, the less confident they’ll be about that happening.
Take anecdotal evidence with a grain of salt. Some members of the community report getting approved for a Costco Anywhere Visa® Card by Citi with a credit score in the low 700’s. But since a lot of other factors are in play, you shouldn’t assume that you will be approved just because they were. Plus, getting turned down for a credit card can lead to temporary credit score damage.
If your credit score is already 750+, you have a steady income and few debts, and your financial situation is in order, you’ll have a better chance of approval. If not, you could dramatically increase your chances of being approved for a Costco credit card by delaying your application and spending some time focusing on credit improvement. This includes things like catching up on your current payments, utilizing less of your current credit lines, and building a longer history.
Finally, don’t forget that you have to be a Costco member to apply. That will cost you $60+ per year in membership dues.
Costco takes Visa credit cards, Visa debit cards and Visa gift cards. In fact, Costco has a contract with Visa and only takes Visa cards. This means you cannot use Mastercard, Discover or American Express cards at Costco. If you don’t have a Visa card, you will have to pay by cash or check. This has been the case since June 2016, when Costco switched from only accepting American Express cards.… read full answer
It’s not common for retailers to have an exclusive relationship with one card network. Most stores that accept Visa also take Mastercard. It’s more common for stores to not take Discover or American Express.
Costco & Visa Facts
Costco takes all Visa credit cards, debit cards and gift cards.
Costco only takes Visa cards. They won’t accept Mastercard, Discover or American Express.
You can tell if your card is a Visa by looking for the Visa logo (usually on the front).
If you don’t have a Visa card, you’ll only be able to pay with cash, a check or a prepaid Costco Cash Card.
Costco has its own co-branded Visa credit card, the Costco Anywhere Visa. You can use it not only at Costco but anywhere in the world Visa is accepted.
The Costco Anywhere Visa card is one of the best Visa cards to use at Costco. However, you will need to have a Costco membership ($60+ per year) in order to get it. That shouldn’t be an issue, though, as you have to be a Costco member to make purchases there anyway. But if Costco’s credit card doesn’t interest you, you can use any Visa you want.
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